The Airport Authority says it should finance the $141.5 billion three-runway system by itself as far as practicable, with its strong financial position and projected steady revenue growth.
Secretary for Transport & Housing Prof Anthony Cheung told legislators today the Government has asked the authority to conduct proper planning and implement cost control mechanisms as early as possible, given the immense investment of the project as well as its high capital cost and complexity.
Risk management measures put in place by the Airport Authority include the adoption of a pragmatic design to ensure the new runway is fit-for-purpose and value-for-money.
The authority has repeatedly undertaken to be solely responsible for possible cost overrun, he said, noting it will seek further feasible financial arrangements and will not require funding support or guarantees from the Government, which has no plan to bear any cost overrun.
Airport revenue to pay for runway